Toll Brothers Apartment Living and PGIM Announce Grand Opening of The Laurent, a New Luxury Apartment Community in Cambridge, Mass.

Rhea-AI Summary

The Laurent, a new seven-story luxury apartment and townhome community in Cambridge, MA, has officially opened. Developed by Toll Brothers Apartment Living in partnership with PGIM, this community marks Toll Brothers’ sixth multifamily project in Massachusetts. The Laurent boasts 525 units, with construction financed by a $142 million loan from Wells Fargo and BNY Mellon. The complex features 21,000 sq. ft. of amenities, including fitness centers, saltwater pool, coworking spaces, and a rooftop deck. Residences range from studios to three-bedroom apartments and townhomes, equipped with high-end finishes and smart home technology.

Positive

• Grand opening of The Laurent, a luxury apartment community in Cambridge, MA, expanding Toll Brothers' footprint.
• 525-unit complex, representing significant capacity and revenue potential.
• $142 million construction loan secured from Wells Fargo and BNY Mellon, indicating strong financial backing.
• 21,000 sq. ft. of amenity space, enhancing living experience and appealing to high-end renters.
• Proximity to Alewife Station and downtown Boston, offering convenience for residents.

Negative

• High development costs with a $142 million construction loan could impact profitability.
• Potential market saturation in the luxury apartment sector in Cambridge, MA.
• Risks associated with reliance on high-end renters in a potentially volatile economic environment.

The seven-story luxury apartment and townhome community is Toll Brothers’ sixth multifamily development in Massachusetts

CAMBRIDGE, Mass., June 13, 2024 (GLOBE NEWSWIRE) -- Toll Brothers Apartment Living, the rental subsidiary of Toll Brothers, Inc. (NYSE: TOL), the nation's leading builder of luxury homes, along with joint venture partner PGIM, announced the grand opening of The Laurent, a new seven-story, 525-unit luxury mid-rise multifamily community in Cambridge, Massachusetts. Construction of The Laurent was financed through a $142 million construction loan facility from Wells Fargo Bank, N.A as Admin Agent, and BNY Mellon, and first occupancy began in October 2023. The community’s grand opening celebration was held last week, including a ribbon cutting event with local officials and development partners, as well as a reception for current and prospective residents.

"The Laurent represents our commitment to bringing luxury living to vibrant locations positioned for growth," said John McCullough, President of Toll Brothers Apartment Living. "Together with our partners at PGIM, we have set a new standard of apartment living in Cambridge while expanding our footprint in the Boston area."

The community boasts 21,000 square feet of amenity space, including two fitness centers along with a training studio, a saltwater pool with a lap lane and cabanas, landscaped courtyards, multiple coworking spaces, a social hub with functional bar and gaming lounge, and a rooftop deck with views of Fresh Pond and Boston.

"The Laurent offers an unparalleled living experience, blending modern conveniences with the charm of Cambridge," said Will Adams, Regional Director of Acquisitions and Development for Toll Brothers Apartment Living in New England. "Residents will appreciate the thoughtful design and high-end finishes throughout the community, as well as the close proximity to all that Boston has to offer."

The Laurent features a diverse mix of studio, one-bedroom, two-bedroom, and three-bedroom apartments, along with townhomes. Each residence at The Laurent is designed with luxury in mind, featuring Caesarstone quartz countertops, hardwood-style flooring, stainless steel appliances, smart home technology, and floor-to-ceiling windows. Select residences offer balconies or patios and views of Boston.

Located at 55 Wheeler Street, The Laurent is just a ten-minute walk from Alewife Station, providing easy access to Kendall Square, Davis Square, and downtown Boston. The community's prime location offers convenient access to numerous dining, shopping, and entertainment options.

For more information about The Laurent, visit livethelaurent.com.

ABOUT TOLL BROTHERS APARTMENT LIVING
Toll Brothers Apartment Living is the apartment development division of Toll Brothers, Inc. (NYSE: TOL), an award-winning Fortune 500 company, and the nation's leading builder of luxury homes. Toll Brothers Apartment Living brings the same quality, luxury, and service for which Toll Brothers is known to its exceptional rental and mixed-use communities in select markets, including Atlanta, Boston, Dallas, Los Angeles, New York, Philadelphia, Phoenix, and Washington, DC. Toll Brothers Apartment Living communities combine the energy of vibrant locations with unparalleled amenities, resident services, and the design and expertise of America’s Luxury Home Builder®. In 2024, Toll Brothers Apartment Living was named to the National Multifamily Housing Council’s Top 25 Largest Developers list, the fifth year it has been so recognized. The firm has completed over 10,000 units nationally, with more than 18,000 units in production.

For more information visit TollBrothersApartmentLiving.com.

ABOUT TOLL BROTHERS
Toll Brothers, Inc., a Fortune 500 Company, is the nation's leading builder of luxury homes. The Company was founded 57 years ago in 1967 and became a public company in 1986. Its common stock is listed on the New York Stock Exchange under the symbol “TOL.” The Company serves first-time, move-up, empty-nester, active-adult, and second-home buyers, as well as urban and suburban renters. Toll Brothers builds in over 60 markets in 24 states: Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Idaho, Illinois, Maryland, Massachusetts, Michigan, Nevada, New Jersey, New York, North Carolina, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, and Washington, as well as in the District of Columbia. The Company operates its own architectural, engineering, mortgage, title, land development, insurance, smart home technology, and landscape subsidiaries. The Company also develops master-planned and golf course communities as well as operates its own lumber distribution, house component assembly, and manufacturing operations.

In 2024, Toll Brothers marked 10 years in a row being named to the Fortune World’s Most Admired Companies™ list. Toll Brothers has also been named Builder of the Year by Builder magazine and is the first two-time recipient of Builder of the Year from Professional Builder magazine. For more information visit TollBrothers.com.

From Fortune, ©2024 Fortune Media IP Limited. All rights reserved. Used under license.

Contact: Andrea Meck | Toll Brothers, Director, Public Relations & Social Media | 215-938-8169 | ameck@tollbrothers.com

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/04d01094-d664-44b1-8791-356e6e4f5697

https://www.globenewswire.com/NewsRoom/AttachmentNg/9ce178d1-ad19-4a0d-9c50-468e48d181ee

Sent by Toll Brothers via Regional Globe Newswire (TOLL-REG)

FAQ

What is The Laurent in Cambridge, MA?

The Laurent is a new seven-story luxury apartment and townhome community developed by Toll Brothers Apartment Living and PGIM.

When did The Laurent in Cambridge open?

The Laurent officially opened in June 2024, with first occupancy starting in October 2023.

How many units are in The Laurent, Cambridge?

The Laurent features 525 luxury units, including studio, one-bedroom, two-bedroom, and three-bedroom apartments, as well as townhomes.

What amenities does The Laurent in Cambridge offer?

The Laurent offers 21,000 sq. ft. of amenities, including fitness centers, a saltwater pool, coworking spaces, and a rooftop deck.

Where is The Laurent located in Cambridge?

The Laurent is located at 55 Wheeler Street, just a ten-minute walk from Alewife Station in Cambridge, MA.

Who financed the construction of The Laurent in Cambridge?

The construction of The Laurent was financed through a $142 million loan from Wells Fargo Bank and BNY Mellon.

What types of residences are available at The Laurent in Cambridge?

The Laurent offers studio, one-bedroom, two-bedroom, and three-bedroom apartments, as well as townhomes, all featuring luxury finishes and smart home technology.